Different Types of Business Ownership by Lafilissa Joao https://padlet.com/02ljoao/t99rdvlama0iaesw Lafilissa Joao en-us 2020-10-06 18:45:39 UTC 2025-11-09 22:40:31 UTC hello@padlet.com https://padlet.net/icons/png/1f469-1f393.png Sole Proprietorship 02ljoao https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/808965963 Definition: Business owned and run by one person
Pros: affordable start up cost, tax benefits 
Cons: Fewer financial resources, Liability 
Example: Single person art studio 
local grocery store
 ]]> 2020-10-07 02:32:16 UTC https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/808965963 Partnership 02ljoao https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/808991345 Definition: A formal arrangement by two or more parties to manage and operate a business and share its profits.
Pros: Easy to get started, shared burden
Con: emotional issues, complicated to sell in future
Example: Red Bull & GoPro, Spotify & uber]]> 2020-10-07 02:46:59 UTC https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/808991345 02ljoao https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/808996775 2020-10-07 02:50:15 UTC https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/808996775 02ljoao https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809007746 2020-10-07 02:56:51 UTC https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809007746 Corporation 02ljoao https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809011841 Definition: A corporation is usually a group of people or a company—authorized by the state to act as a single entity
Pros: Owners have limited liability, certain tax deductible
Cons: Coat more, more state and federal regulations
Example: Apple Inc. , Microsoft Corporations ]]> 2020-10-07 02:59:20 UTC https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809011841 02ljoao https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809023785 2020-10-07 03:06:37 UTC https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809023785 Limited Liability Company 02ljoao https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809026372 Definition:  US-specific form of a private limited company
Pros: Members have flexibility in structuring the company management, No restrictions on the number of members allowed
Cons: an LLC member, you cannot pay yourself wages, Compared to a sole proprietorship or partnership is a little more expensive to operate
Examples: Blockbuster, Westinghouse]]> 2020-10-07 03:08:09 UTC https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809026372 02ljoao https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809039014 2020-10-07 03:16:33 UTC https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809039014 Franchise 02ljoao https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809040658 Definition: the ability to   sell a product or service under the franchisor's business name
Pros: marketing support, Reputable Suppliers
Cons: initial payout, royalty payments
Example: McDonalds, Hilton]]> 2020-10-07 03:17:40 UTC https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809040658 02ljoao https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809057236 2020-10-07 03:29:01 UTC https://padlet.com/02ljoao/t99rdvlama0iaesw/wish/809057236